Markel Group Inc. (MKL) has been in investors’ good books on the back of a niche focus, improved pricing, effective risk management, strategic buyouts, solid capital position and prudent capital deployment.Growth ProjectionsThe Zacks Consensus Estimate for MKL’s 2024 earnings is pegged at $93.75 per share, indicating a 16.7% increase from the year-ago reported figure on 8.1% higher revenues of $15.64 billion.Northbound Estimate RevisionThe Zacks Consensus Estimate for 2024 earnings has moved 1.2% north in t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________ FORM 10-Q ______________________________________________________________________________________ ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2023 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _______ to _____ ...

Markel Group Inc. (NYSE:MKL) Q2 2023 Earnings Conference Call August 3, 2023 9:30 AM ET Company Participants Tom Gayner – Chief Executive Officer Teri Gendron – Chief Financial Officer Jeremy Noble – President-Insurance Conference Call Participants Mark Hughes – Truist John Fox – Fenimore Asset Management Scott Heleniak – RBC Capital Markets Operator Good morning, and welcome to the Markel Group Second Quarter 2023 Conference Call. All participants will be in listen-only mode. [Operator Instructions] After ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Markel Group's financial statements show increased total assets and a significant turnaround to net income driven by strong investment gains [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Consolidated balance sheets show total assets increased to **$52.18 billion** by June 30, 2023, driven by investments and equity growth Consolidated Balance Sheet Highlights (unaudited) | (dollars in thousands) | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Investments** | $23,473,613 | $22,198,009 | | **Total Assets** | $52,184,133 | $49,791,259 | | **Total Liabilities** | $37,480,610 | $36,054,220 | | **Total Shareholders' Equity** | $14,185,499 | $13,151,094 | [Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)](index=4&type=section&id=Consolidated%20Statements%20of%20Income%20%28Loss%29%20and%20Comprehensive%20Income%20%28Loss%29) Consolidated income statements show a significant turnaround to net income for Q2 and H1 2023, driven by substantial net investment gains Key Income Statement Data (Unaudited) | (dollars in thousands, except per share data) | Quarter Ended June 30, 2023 | Quarter Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $4,142,536 | $1,792,207 | $7,785,925 | $4,398,443 | | **Operating Income (Loss)** | $970,064 | $(1,176,794) | $1,723,960 | $(1,217,054) | | **Net Income (Loss) to Common Shareholders** | $677,511 | $(933,796) | $1,166,163 | $(985,537) | | **Diluted Net Income (Loss) Per Common Share** | $50.09 | $(69.15) | $87.34 | $(75.56) | [Consolidated Statements of Changes in Equity](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Total shareholders' equity increased to **$14.19 billion** by June 30, 2023, driven by net income and other comprehensive income, offset by repurchases Changes in Equity - Six Months Ended June 30, 2023 | (dollars in thousands) | Amount | | :--- | :--- | | **Equity at Dec 31, 2022** | $13,151,094 | | Net Income | $1,184,163 | | Other Comprehensive Income | $26,751 | | Repurchase of common stock | $(187,161) | | Preferred stock dividends | $(18,000) | | **Equity at June 30, 2023** | $14,185,499 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed cash flow statements show increased net cash from operations, with cash used in investing and financing for securities and debt/stock repurchases Cash Flow Summary - Six Months Ended June 30 | (dollars in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | **Net Cash Provided By Operating Activities** | $1,008,621 | $920,989 | | **Net Cash Used By Investing Activities** | $(373,561) | $(403,361) | | **Net Cash Used By Financing Activities** | $(629,881) | $(386,709) | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, segment performance, and investment composition, highlighting ASU No. 2018-12 adoption and strong Investing segment performance - Effective January 1, 2023, the Company adopted **ASU No. 2018-12**, changing accounting for long-duration contracts and requiring restatement of prior periods, primarily affecting life and annuity benefits[25](index=25&type=chunk)[26](index=26&type=chunk) - In March 2023, the Company completed a retroactive reinsurance transaction, ceding its UK motor casualty liabilities for payments of **$125.1 million**[78](index=78&type=chunk) - In March 2023, the company retired **$250.0 million** of its 3.625% unsecured senior notes[89](index=89&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses company performance across Insurance, Investments, and Markel Ventures engines, highlighting H1 2023 improvements from investment gains and strong financial position [Our Business](index=30&type=section&id=Our%20Business) Markel Group operates through three engines: Insurance, Investments, and Markel Ventures, aiming for long-term common share price growth - Markel Group operates as a holding company with three core engines: **Insurance, Investments, and Markel Ventures**[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) - The company's primary measure of financial success is the long-term growth of its stock's market price, achieving a **5%** compound annual growth rate over the five years ended June 30, 2023[117](index=117&type=chunk) - The Insurance engine operates through three platforms: **Underwriting, Insurance-Linked Securities (ILS), and Program Services**[118](index=118&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Total operating revenues for H1 2023 increased to **$7.8 billion**, driven by significant net investment gains, leading to **$1.21 billion** comprehensive income Comprehensive Income (Loss) to Shareholders Summary | (dollars in thousands) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | **Insurance operations profit** | $325,289 | $372,920 | | **Investing segment profit (loss)** | $1,175,853 | $(1,746,757) | | **Markel Ventures segment profit** | $222,818 | $156,783 | | **Net income (loss) to shareholders** | $1,184,163 | $(967,537) | | **Comprehensive income (loss) to shareholders** | $1,210,914 | $(1,729,602) | - The significant improvement in comprehensive income for H1 2023 was primarily due to pre-tax net investment gains on equity securities of **$859.2 million** (compared to **$1.9 billion** losses in H1 2022) and pre-tax net unrealized gains on fixed maturity securities of **$41.2 million** (compared to **$1.1 billion** losses in H1 2022)[137](index=137&type=chunk) [Financial Condition](index=47&type=section&id=Financial%20Condition) Company financial condition strengthened, with debt-to-capital ratio decreasing to **21%** and invested assets growing to **$28.7 billion**, supported by repurchases and credit facility - The consolidated debt-to-capital ratio improved to **21%** at June 30, 2023, down from **24%** at December 31, 2022, due to debt retirement and increased shareholders' equity[198](index=198&type=chunk) - The company repurchased **$187.2 million** of its common stock during the first six months of 2023, with **$323.8 million** remaining available for repurchases as of June 30, 2023[201](index=201&type=chunk)[208](index=208&type=chunk) - In June 2023, the company entered into an amended and restated corporate revolving credit facility providing up to **$300 million** of capacity, with no outstanding borrowings as of June 30, 2023[203](index=203&type=chunk) [Critical Accounting Estimates](index=49&type=section&id=Critical%20Accounting%20Estimates) Critical accounting estimates involve determining reserves for unpaid losses and loss adjustment expenses, and valuing goodwill and intangible assets, requiring judgment and review - The company's critical accounting estimates involve determining **reserves for unpaid losses and loss adjustment expenses**, and the **valuation of goodwill and intangible assets**[210](index=210&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks include equity price, interest rate, and foreign currency exchange rate risks, with no material changes in these or credit risk exposures in H1 2023 - The company's main market risks are **equity price risk, interest rate risk, and foreign currency exchange rate risk**[220](index=220&type=chunk) - There were no material changes in the company's market risk or credit risk exposures in the first six months of 2023 compared to the 2022 Annual Report[220](index=220&type=chunk)[222](index=222&type=chunk) [Item 4. Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting in Q2 2023 - The Principal Executive Officer and Principal Financial Officer concluded that the company's **disclosure controls and procedures were effective** as of June 30, 2023[223](index=223&type=chunk)[224](index=224&type=chunk) - There were no changes in internal control over financial reporting during Q2 2023 that materially affected, or are reasonably likely to materially affect, internal controls[225](index=225&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) Court ruled in favor of Markel Group in Thomas Yeransian lawsuits on June 8, 2023, with decision appealed and company believing material loss is remote - In the Thomas Yeransian v. Markel Corporation lawsuits, the court ruled in favor of the company on all counts on June 8, 2023, with the plaintiff appealing the decision[226](index=226&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2023, company repurchased **78,017** common shares at **$1,341.65** per share, with **$323.8 million** remaining for future repurchases Issuer Purchases of Equity Securities - Q2 2023 | Period | Total Shares Purchased | Average Price Paid per Share | Value Remaining for Repurchase (end of period) | | :--- | :--- | :--- | :--- | | April 2023 | 23,900 | $1,326.43 | $396,736,000 | | May 2023 | 27,686 | $1,351.15 | $359,328,000 | | June 2023 | 26,431 | $1,345.46 | $323,766,000 | | **Total Q2** | **78,017** | **$1,341.65** | **$323,766,000** | [Item 5. Other Information](index=52&type=section&id=Item%205.%20Other%20Information) Steven A. Markel, Chair of the Board, adopted a Rule 10b5-1 trading arrangement on May 31, 2023, for potential sale of up to **1,398** common shares - Steven A. Markel, Chair of the Board, adopted a **Rule 10b5-1 trading plan** on May 31, 2023, for the sale of up to **1,398** common shares[230](index=230&type=chunk) [Item 6. Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including amended bylaws, credit agreements, employment agreements, and required CEO/CFO certifications - Key exhibits filed include **amended Bylaws, an Amended and Restated Credit Agreement, forms of Executive Employment Agreements, and CEO/CFO certifications**[232](index=232&type=chunk)[234](index=234&type=chunk) [Signatures](index=55&type=section&id=Signatures) The report was duly signed on August 2, 2023, by CEO Thomas S. Gayner and CFO Teresa S. Gendron - The Form 10-Q was signed on **August 2, 2023**, by CEO Thomas S. Gayner and CFO Teresa S. Gendron[236](index=236&type=chunk)[237](index=237&type=chunk)

Financial Data and Key Metrics Changes - The consolidated combined ratio for Q1 2023 was 94%, up from 89% in Q1 2022, reflecting higher attritional loss ratios and less favorable development on prior accident year's loss reserves [4] - Net income to common shareholders was $489 million for Q1 2023, compared to a net loss of $52 million in the same period last year, largely due to changes in public equity portfolio valuation [33] - Recurring investment income grew to $159 million, up from $92 million year-over-year, driven by higher interest rates [11][39] Business Line Data and Key Metrics Changes - Gross written premiums in the insurance segment increased to $2.7 billion in Q1 2023, a 6% rise from $2.5 billion in Q1 2022, with notable growth in personal lines, property, and marine and energy product lines [10] - Markel Ventures revenues increased by 16% to $1.1 billion in Q1 2023, up from $950 million in the same quarter last year, with EBITDA rising 25% to $120 million [5][17] - The reinsurance segment reported a combined ratio of 91, improved from 95 a year ago, despite a 4% decrease in gross written premiums [15] Market Data and Key Metrics Changes - The retention of gross written premiums was 83% in 2023, down 3 points from the previous year, attributed to higher session rates in professional liability and personal lines [10] - Rates across the portfolio are holding up well, with increases of 5% to 10% in many products, although property rates have accelerated more significantly [16] Company Strategy and Development Direction - The company emphasizes long-term growth and profitability, focusing on underwriting discipline and rate adequacy, willing to walk away from business that does not meet profitability targets [8][35] - Management is optimistic about mid and long-term profitable growth objectives, despite acknowledging current market uncertainties [16][58] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the current level of uncertainty in insurance market conditions, particularly around loss trends and inflation [14][63] - The company is seeing a strong new business pipeline, particularly in specialty market solutions, despite some competitive pressures [16][25] Other Important Information - The company repurchased $81 million of its shares in Q1 2023, consistent with its share repurchase program [9][12] - The fair value of the equity portfolio included cumulative unrealized holding gains of $4.9 billion as of March 31, 2023 [11][18] Q&A Session Summary Question: Are you seeing signs of economic slowdown within Markel Ventures? - Management noted that the 16% growth rate suggests resilience, but acknowledged the diverse nature of the business [23] Question: Can you elaborate on the reserve release related to the CATCo unit? - The reserve release is neutralized by a higher minority interest charge, highlighting favorable reserve runoff [42][43] Question: How do you reconcile the pricing environment with the need for higher accident year margins? - Management indicated that rising interest rates and social inflation necessitated a cautious approach, leading to increased margins for safety [44] Question: What are your thoughts on achieving the 10-5-1 aspirational goals? - Management emphasized that while premium growth is important, underwriting profitability remains the primary focus, and they are not strictly bound to numerical targets [57][58]

Table of Contents ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _______ to _______ Commission File Number: 001-15811 _________________________________________ MARKEL CORPORATION (Exact name of registrant as specified in its charter) ___________________________________________________________________________________ Virginia 54-1959284 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2022 Commission File Number 001-15811 MARKEL CORPORATION (Exact name of registrant as specified in its charter) A Virginia Corporation IRS Employer Identification No. 54-1959284 4521 Highwoods Parkway, Glen Allen, Virginia 23060-6148 (Address of principal executive offices) (Zip code) Registrant's telepho ...

Markel Corporation (NYSE:MKL) Q3 2022 Results Conference Call November 2, 2022 9:30 AM ET Company Participants Tom Gayner - Co-Chief Executive Officer Jeremy Noble - Chief Financial Officer Richie Whitt - Co-Chief Executive Officer Conference Call Participants Mark Hughes - Truist Mark Dwelle - RBC Capital Markets John Fox - Fenimore Asset Management Operator Good morning, and welcome to the Markel Corporation Third Quarter 2022 Conference Call. All participants will be in listen-only mode. [Operator Instru ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________ FORM 10-Q ______________________________________________________________________________________ ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2022 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _______ to _____ ...

Markel Corporation (NYSE:MKL) Q2 2022 Earnings Conference Call August 3, 2022 9:30 AM ET Company Participants Tom Gayner - Co-Chief Executive Officer Jeremy Noble - Chief Financial Officer Richie Whitt - Co-Chief Executive Officer Conference Call Participants Mark Hughes - Truist Mark Dwelle - RBC Operator Good morning and welcome to the Markel Corporation Second Quarter 2022 Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today???s presentation, there will be an ...